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Digital Giants Feel the Squeeze
The Australian government has published the Australian Competition & Consumer Commission’s landmark report into the influence of Facebook and Google on the country’s media and advertising industries. The report calls for a radical upgrade in regulation and warning that the platforms had “distorted the ability of business to compete on their merits.”
If the government adopts the ACCC’s 23 recommendations, the digital platforms could face some of the toughest M&A requirements in the world, and have to work on industry codes of conduct with regulators that would include giving consumers more control over their data.
The ACCC’s recommendations are also generating interest across the globe as this report is widely regarded as the first broad-based attempt to grapple with the concerns of both the public and national legislators that Facebook and Google have reaped the benefits of inadequate regulation.